The Pensions Regulator (TPR) is considering bringing its guidance to trustees of large schemes on communicating new retirement flexibilities into line with Financial Conduct Authority (FCA) rules.
Up to now TPR has advised schemes to give members generic information when they look to access their pension pot, while the FCA says providers must give tailored risk warnings.
Speaking at Pensions and Benefits UK, the watchdog's chairman Mark Boyle said the two regulators were right to take different stances given the differences between trust and contract-based regimes.
But he said TPR was consulting with the government and FCA about introducing requirements for large trust-based schemes and master trusts that were "as similar as possible" to the FCA's stance.
Boyle said: "We do realise that some trustees are concerned about straying too close to giving financial advice - about being ‘on the hook'. This is why we are recommending that trustees give generic warnings."
But he added: "For the larger defined contribution schemes and master trusts that plan to offer the full suite of drawdown options to members, we are currently discussing with DWP and the FCA whether our guidance to these schemes should also be to offer specific risk warnings which would be as similar as possible to the FCA's second line of defence for providers."
Boyle said it was important for regulators to work together to make sure there was no regulatory gap, and promised the industry would be consulted on any changes.
"The key thing is that, whatever the regulatory structure, we as regulators, and related agencies work much more actively and collaboratively together in a demonstrably joined up way," he said.
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